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REVENUES (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Year Ended December 31,
202320222021
MA:
Decision Solutions (DS)
Banking$521 $481 $474 
Insurance550 504 245 
KYC312 260 217 
Total DS1,383 1,245 936 
Research and Insights (R&I)884 812 772 
Data and Information (D&I)789 712 698 
Total external revenue3,056 2,769 2,406 
Intersegment revenue13 8 7 
Total MA3,069 2,777 2,413 
MIS:
Corporate finance (CFG)
Investment-grade335 294 439 
High-yield150 108 411 
Bank loans292 275 606 
Other accounts (1)
627 592 631 
Total CFG1,404 1,269 2,087 
Structured finance (SFG)
Asset-backed securities121 116 118 
RMBS92 106 123 
CMBS60 98 102 
Structured credit129 140 215 
Other accounts (SFG)3 2 2 
Total SFG405 462 560 
Financial institutions (FIG)
Banking378 337 411 
Insurance123 113 145 
Managed investments32 28 36 
Other accounts (FIG)12 13 10 
Total FIG545 491 602 
Public, project and infrastructure finance (PPIF)
Public finance / sovereign205 197 244 
Project and infrastructure271 234 277 
Total PPIF476 431 521 
Total ratings revenue2,830 2,653 3,770 
MIS Other30 46 42 
Total external revenue2,860 2,699 3,812 
Intersegment royalty186 174 165 
Total MIS3,046 2,873 3,977 
Eliminations(199)(182)(172)
Total MCO$5,916 $5,468 $6,218 
(1)Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
MA:
Decision Solutions$577 $806 $1,383 $519 $726 $1,245 $387 $549 $936 
Research and Insights490 394 884 470 342 812 426 346 772 
Data and Information281 508 789 250 462 712 226 472 698 
Total MA1,348 1,708 3,056 1,239 1,530 2,769 1,039 1,367 2,406 
MIS:
Corporate finance952 452 1,404 832 437 1,269 1,384 703 2,087 
Structured finance252 153 405 308 154 462 364 196 560 
Financial institutions253 292 545 223 268 491 289 313 602 
Public, project and infrastructure finance292 184 476 266 165 431 304 217 521 
Total ratings revenue1,749 1,081 2,830 1,629 1,024 2,653 2,341 1,429 3,770 
MIS Other1 29 30 5 41 46 3 39 42 
Total MIS1,750 1,110 2,860 1,634 1,065 2,699 2,344 1,468 3,812 
Total MCO$3,098 $2,818 $5,916 $2,873 $2,595 $5,468 $3,383 $2,835 $6,218 

The following table presents the Company's reportable segment revenues disaggregated by segment and geographic region:
Year Ended December 31,
2023
2022
2021
MA:
  U.S.$1,348 $1,239 $1,039 
  Non-U.S.:
   EMEA1,169 1,034 955 
   Asia-Pacific306 285 246 
   Americas233 211 166 
   Total Non-U.S.1,708 1,530 1,367 
  Total MA3,056 2,769 2,406 
MIS:
  U.S.1,750 1,634 2,344 
  Non-U.S.:
   EMEA679 648 930 
   Asia-Pacific271 271 357 
   Americas160 146 181 
   Total Non-U.S.1,110 1,065 1,468 
  Total MIS2,860 2,699 3,812 
Total MCO$5,916 $5,468 $6,218 
The following table summarizes the split between transaction and recurring revenue:
Year Ended December 31,
20232022
2021
TransactionRecurringTotalTransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$169 $1,214 $1,383 $153 $1,092 $1,245 $147 $789 $936 
12 %88 %100 %12 %88 %100 %16 %84 %100 %
Research and Insights$16 $868 $884 $17 $795 $812 $19 $753 $772 
2 %98 %100 %2 %98 %100 %2 %98 %100 %
Data and Information$3 $786 $789 $— $712 $712 $4 $694 $698 
— %100 %100 %— %100 %100 %1 %99 %100 %
Total MA$188 
(1)
$2,868 $3,056 $170 $2,599 $2,769 $170 $2,236 $2,406 
6 %94 %100 %6 %94 %100 %7 %93 %100 %
Corporate Finance$887 $517 $1,404 $772 $497 $1,269 $1,600 $487 $2,087 
63 %37 %100 %61 %39 %100 %77 %23 %100 %
Structured Finance$190 $215 $405 $262 $200 $462 $362 $198 $560 
47 %53 %100 %57 %43 %100 %65 %35 %100 %
Financial Institutions$254 $291 $545 $211 $280 $491 $320 $282 $602 
47 %53 %100 %43 %57 %100 %53 %47 %100 %
Public, Project and Infrastructure Finance$301 $175 $476 $263 $168 $431 $354 $167 $521 
63 %37 %100 %61 %39 %100 %68 %32 %100 %
MIS Other$6 $24 $30 $4 $42 $46 $4 $38 $42 
20 %80 %100 %9 %91 %100 %10 %90 %100 %
Total MIS$1,638 $1,222 $2,860 $1,512 $1,187 $2,699 $2,640 $1,172 $3,812 
57 %43 %100 %56 %44 %100 %69 %31 %100 %
Total Moody’s Corporation$1,826 $4,090 $5,916 $1,682 $3,786 $5,468 $2,810 $3,408 $6,218 
31 %69 %100 %31 %69 %100 %45 %55 %100 %
(1)    Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under U.S. GAAP (please also refer to the following table).

The following table presents the timing of revenue recognition:
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
MAMISTotalMAMISTotalMAMISTotal
Revenue recognized at a point in time$102 $1,638 $1,740 $97 $1,512 $1,609 $101 $2,640 $2,741 
Revenue recognized over time2,954 1,222 4,176 2,672 1,187 3,859 2,305 1,172 3,477 
Total$3,056 $2,860 $5,916 $2,769 $2,699 $5,468 $2,406 $3,812 $6,218 
Unbilled Receivables
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at December 31, 2023 and December 31, 2022:
As of December 31, 2023
As of December 31, 2022
MAMISMAMIS
Unbilled Receivables$119 $415 $148 $385 
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the year ended December 31, 2023 are as follows:
Year Ended December 31, 2023
MAMISTotal
Balance at December 31, 2022
$1,055 $278 $1,333 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(980)(211)(1,191)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,015 200 1,215 
Effect of exchange rate changes21 3 24 
Total changes in deferred revenue56 (8)48 
Balance at December 31, 2023
$1,111 $270 $1,381 
Deferred revenue - current$1,109 $207 $1,316 
Deferred revenue - noncurrent$2 $63 $65 
Significant changes in the deferred revenue balances during the year ended December 31, 2022 are as follows:
Year Ended December 31, 2022
MAMISTotal
Balance at December 31, 2021
$1,039 $296 $1,335 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(996)(210)(1,206)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,018 202 1,220 
Increases due to acquisitions during the period1 — 1 
Effect of exchange rate changes(7)(10)(17)
Total changes in deferred revenue16 (18)(2)
Balance at December 31, 2022
$1,055 $278 $1,333 
Deferred revenue - current
$1,053 $205 $1,258 
Deferred revenue - noncurrent
$2 $73 $75 
Significant changes in the deferred revenue balances during the year ended December 31, 2021 are as follows:
Year Ended December 31, 2021
MAMISTotal
Balance at December 31, 2020
$874 $313 $1,187 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(810)(220)(1,030)
Increases due to amounts billable excluding amounts recognized as revenue during the period884 207 1,091 
Increases due to acquisitions during the period94 — 94 
Effect of exchange rate changes(3)(4)(7)
Total changes in deferred revenue165 (17)148 
Balance at December 31, 2021
$1,039 $296 $1,335 
Deferred revenue—current$1,035 $214 $1,249 
Deferred revenue—noncurrent$4 $82 $86 
Capitalized Contract Cost
MA Costs to Obtain a Contract with a Customer
As of December 31,
2023
2022
Capitalized costs to obtain sales contracts$268 $232 
Year ended December 31,
202320222021
Amortization of capitalized costs to obtain sales contracts$102 $80 $60 
MA and MIS Costs to Fulfill a Contract with a Customer
As of December 31, 2023
As of December 31, 2022
MAMISTotalMAMISTotal
Capitalized costs to fulfill sales contracts$35 $9 $44 $33 $12 $45 

Year Ended
December 31, 2023		Year Ended
December 31, 2022		Year Ended
December 31, 2021
MAMISTotalMAMISTotalMAMISTotal
Amortization of capitalized costs to fulfill sales contracts$70 $44 $114 $69 $54 $123 $76 $48 $124